Let’s revisit the Flagstar Bank case which I touched on in my November 20, 2014 posting. This is an important case for a number of reasons, most notably because it was the CFPB’s first enforcement action under the CFPB’s new...more

On February 24, the CFPB announced that a nonbank mortgage lender agreed to pay an $83,000 penalty to resolve violations of RESPA’s Section 8. The lender primarily offers loss-mitigation refinance mortgage loans to distressed...more

The CFPB announced an enforcement action against a nonbank mortgage lender and its mortgage servicer alleging the companies engaged in unfair, deceptive and abusive acts or practices in violation of the Consumer Financial...more

Last week, the CFPB announced that it has launched “a campaign to educate the public about the new protections provided by the Bureau’s mortgage rules.” Consumers could, however, misinterpret the CFPB’s message as an...more

The new Consumer Financial Protection Bureau (CFPB) servicing rules effective January 10, 2014 will change the legal landscape for mortgage servicers tremendously. Servicers now have very little time to accommodate the new...more

While the new regulations implemented by the Consumer Financial Protection Bureau (CFBP) are designed to apply primarily to big banks and loan servicers, the regulatory environment for small and community banks will also be...more

In This Issue:
- Introduction
- Potential Litigation Exposure Under the New Mortgage Servicing Regulations Governing Responses to Borrower Inquiries
..Which of the New Servicing Regulations Governing Responses...more

On September 13, the CFPB issued final amendments to its Mortgage Servicing and Loan Originator Compensation rules. The CFPB’s press release states that the amendments (i) clarify what servicer activities are prohibited in...more

The Consumer Financial Protection Bureau (“CFPB”) has issued two final rules that impose significant new mortgage servicing requirements in connection with residential mortgages to consumers. The rules implement amendments...more

The Consumer Financial Protection Bureau ("CFPB") recently warned servicers that it will be using its supervisory authority to ensure that a mortgage servicer has the appropriate policies and procedures in place to protect...more

The Consumer Financial Protection Bureau (CFPB) issued its final rules regarding mortgage servicing last week which will undoubtedly change mortgage servicing operations in the United States - and according to some...more

The Consumer Financial Protection Bureau (CFPB) issued its final rules regarding mortgage servicing last week which will undoubtedly change mortgage servicing operations in the United States - and according to some...more

On January 17, 2013, the Consumer Financial Protection Bureau (CFPB) issued two final servicing rules that amend and add new provisions to the Truth in Lending Act and the Real Estate Settlement Procedures Act (Rules), as...more

On January 17, the CFPB issued final rules amending Regulation Z (TILA) and Regulation X (RESPA) to implement certain mortgage servicing standards set forth by the Dodd-Frank Act and to address other issues identified by the...more

Following years of discussion about the wisdom of “national servicing standards” and piecemeal efforts to impose rules of conduct through enforcement actions against individual servicers, the Consumer Financial Protection...more

On August 10, 2012, the U.S. Bureau of Consumer Financial Protection (the “CFPB”) released two proposed rules (the “Proposed Rules”) intended to implement the mortgage servicing provisions of the Dodd-Frank Wall Street Reform...more

On August 10, 2012, the Consumer Financial Protection Bureau (“CFPB”) issued two notices containing rules intended to protect homeowners from errors and abuses by their mortgage servicers.
The proposed rules would...more

The mortgage finance system in the United States is under radical reconstruction as a result of the events of 2007-2009. The Dodd-Frank Act (Dodd-Frank) impacts mortgage origination, servicing and securitization through a...more

On April 10, 2012, the Consumer Financial Protection Bureau (CFPB) outlined new rules it is proposing to adopt to increase accountability and transparency in the mortgage servicing industry. Pursuant to its authority under...more